There are certain elements that must be present in a business’ operations for it to be successful, no matter what size or industry the business is a part of. Efficiency is one of those key components that is necessary for the proper functioning of a company. Without efficiency, businesses lose time, energy, and funds. On the other hand, an efficient business saves time, properly allocates resources, and enhances revenue. As such, it is important that businesses are efficient in all practices. Here are a few tips to improve efficiency through better EPC, or Engineering, Procurement and Construction.
EPC is a combination of different components within the engineering, procurement and construction fields. These various aspects work together to consolidate the building process and make sure that it runs smoothly to render the best results. To fully understand this process, it helps to know the components that contribute to it working effectively.
EPC Best Practices
There are a few different best practices of EPC.
- Integration: The firm must ensure that the different engineering, procurement and construction components work together properly to provide the desired results.
- Risk management and cost control: Along with safety elements of the work site, the various business and financial aspects of the project must also be monitored, and any issues should be addressed immediately to avoid any major losses.
- Procurement: Having necessary supplies on hand is essential to maintain the proper flow of operations.
- Communication: Within the operation and between the client, there must be clear communication at all times so that all parties involved remain on one accord and are able to properly fulfill their duties.
All of these best practices must be in place and work together to make implementing EPC effective in any type of setting. If any one of the parts is not in place and properly functioning, it could leave room for the others to fall apart. For instance, bad communication can result in certain aspects of the project integration not coming together, or certain cost control issues going unchecked. Such occurrences could delay productivity and create costly problems.
By its sheer nature and applications, it is clear how incorporating EPC principles can improve a company’s efficiency. The question then becomes what would be the most successful way to apply these practices. There are a couple options to consider:
- In-House EPC: Some companies may choose to apply these principles themselves, in house. If this route is chosen they may have a certain team that oversees the process or a few members in different departments that implement the various aspects.
- Outsourced EPC: For those companies that do not have the capacity in house or who would rather have it all handled by professionals committed solely to such tasks, hiring an EPC firm could be desirable.
Depending upon the size, resources, and outlook of a company, either option could be best.
When EPC is properly implemented it garners impressive results. One of the main benefits is that it practically guarantees quality production. When all elements are working together, the entire team is on one accord, the process is running smoothly and all issues are resolved quickly. This makes for an efficient process, which saves both time and money. If an outside EPC company is used, a productive business relationship is developed, which can lead to more successful projects in the future.
There are several important components to effectively implementing EPC, or engineering, procurement and construction; however, when all parts are properly executed they produce efficient results. These processes not only help businesses to function smoothly, but they also help to make sure time, funds, and energies are properly allocated to produce the most effective results. Polaris is proud to offer high quality, industry leading EPC services throughout the Gulf Coast area.